Some oversight bodies include: Look at a country's trading position. Claim Now Your capital is at risk. It's what I needed to know whether it's something I could be interested in doing. Each asset class shares, forex, indexes, crypto, etc.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Professional Clients Experienced traders who meet the criteria can qualify for Professional Client status. Margin rates from 0. Professional clients can incur losses that exceed deposits. Open an account Test drive with a demo.
Open an account Open a demo account. The expected oversight and protection from the financial authorities iForex is registered with is minimal. While the negative balance protection may be attractive there are offsetting disadvantages in the form of limited protection in the event of default to consider. Typical trading platforms like MetaTrader 4 or similar are not available and the web-based trading platform was bare-bones.
However, there were a few extra features that we thought were worth a mention and may be of interest to some traders, including cryptocurrencies, an economic calendar from Econoday, and technical trading signals from Trading Central. There weren't many special or unique features offered by iForex. But, depending on your needs there may be some advantages to the analysis from Econoday and Trading Central. The technical reports, alerts, and analysis from Trading Central can be educational as well as actionable for traders who don't have a lot of experience analyzing the markets on their own.
The desktop application is web-based and runs in a browser. Order entry, finding quotes, and adding stocks to a "favorites" watchlist was intuitive and easy to access. The mobile platform functions like the web application so traders shouldn't have much of a learning curve switching between the two environments.
There is nothing to install because the platform runs in a browser, which may be easier for some traders. Order entry was straightforward and advanced order types like buy and sell limits are available. Each asset class shares, forex, indexes, crypto, etc. The advantages of the web-based trading app are its simplicity and ease of use.
The typical charting and analytical tools are either barebones or missing from the trading platform. Details like market breadth, volume, and fundamental analysis tools were largely nonexistent. Advanced traders who need to do more analysis for their trades will likely be disappointed.
The mobile trading platforms offer similar functionality to the desktop applications. Traders can access trading instruments, advanced order types, a favorites watchlist, and account information all from their mobile device. The mobile platform also includes charts, however, the charting functionality is limited. The mobile apps were easy to use and had enough minimal functionality to execute trades and do some analysis. The asset classes Forex, shares, indexes, commodities, cryptocurrencies, etc.
For checking orders and making some trades, the mobile app should meet the minimum requirements for most traders. Very minimal analytical tools or news feeds makes the mobile app barely more than a way to check an account or trade status.
The app was easy to install but had minimal security beyond password access which could be a deal-killer for traders who rely on mobile access. Customer support hours were comprehensive and there were multiple methods to contact a support representative. However, we found responses to be slow. This was not the best experience.
The searchable FAQ database was very good and easy to use, which may help traders looking for faster answers for some questions.
Phone support was available during all market hours with several options for international callers. We found chat support to be buggy and inconsistent and email requests for support were not returned. Service was slow, which isn't a unique problem in the industry, but that could be a bigger concern if customer service became logjammed during a major market event.
Besides the charts in the trading platform, iForex offers few research tools. The news is summarized and may not be very timely on busy days. However, the economic calendar from Econoday and the technical trading reports and signals from Trading Central may be helpful for some traders. The most valuable research tools were from third-party providers.
Both the calendar and the technical reports are likely to be helpful for new and experienced traders. The technical reports are likely to be helpful for traders still learning how to analyze market trends and identify trading opportunities. The Web Based Trading Platform is designed for traders who want accessibility without the hassle of installing an application on their computers. The main benefit of this platform is that traders can access trading application with any standard browser.
The mobile trading platform is designed to allow traders to trade with their mobile devices or Smartphones. However, they are allowed to keep any profits which they earned during the 14 days testing period.
Although iForex allow traders to fully utilize their margin facilities, the broker is not transparent with the spreads which they are charging their traders. In this respect they leave much to be desired. To get in touch with the support team, traders can do so by:. Although the site claims the traders can easily access the support services, a trail run on our part shows that the quality of support rendered is very much below par.
As for reliability, iForex claimed that they have the following measures in place to protect their clients:. In our opinion, in view of the various issues highlighted above in our review, we feel that traders are much better served by brokers which are more transparent and are willing to provide a free demo account. In addition, the lack of a MetaTrader 4 platform really sends red flags as to whether this is a serious forex broker or not.
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